My expectations for Neurocrine Biosciences (NBIX) have been somewhat restrained for 2019, as this biotech didn’t have a lot of clinical updates on the docket and I thought the Street had largely adjusted to the stronger-than-expected Ingrezza launch trajectory. The shares have perked up recently, though, climbing more than 15% since my last update and more than 30% from a near-term low on a wider recovery in biotech stocks.
At this point Neurocrine shares don’t look exceptionally undervalued relatively to my elevated rate of return requirements for biotechs. Then again, I’m still looking